Update: the Future of Bitcoins

Published June 25, 2015 by Lee R

Update: the Future of Bitcoins

Online gambling is the main market for Bitcoin adaptation currently, but that could likely change.

What Bitcoin Means

What does that mean to the average onlooker and casual observer? Well for businesses offering virtual services, iGaming popularity and competitiveness relies upon usability. Part of the fun of user engagement is to have funds transferred in the blink of an eye, which providers can offer via non-reversible transactions on their websites. All of which Bitcoin is equipped to facilitate.

Bitcoin Adaptation

The adaptation pace of Bitcoins by operators right now projects to at least half of the ten major iGaming market’s virtual gambling service providers exclusively offering the Bitcoin payment option to their players within a few years. Still, the jury of the global financial market is still out regarding the credibility of Bitcoins as an actual currency alternative.

Bitcoins were not made just for online gambling, and their stand-alone effectiveness as a more efficient form of currency remains to be seen.

Bitcoin Benefits

The benefits being enjoyed by operators are benefits that could be applicable to any transaction where Bitcoins are used: reduction and/or elimination of operational charges of traditional banking institutions revolving around the need to submit credit and payment info for each transaction.   

Offering Small Businesses Entry

Bitcoin also provides entry opportunities for small iGaming companies who are unable to pay for large transaction contracts with financial institutions, or cover operating costs of managing and implementing online card processing systems and related required encryption technologies. Whether Bitcoin phases out currency or bank card transactions remains to be seen; what can be said is that more new companies will seek to rely on Bitcoin technology as a cheaper means of supporting their business transactions. These days you can find few casinos that accept Bitcoin such as coin palace casino, and few more online casinos that accept only bitcoins.

The Forecast

In terms of iGaming, the presence of Bitcoin can safely be said to likely diversify iGaming offerings, while being increasingly relied upon by operators. The relative facilitation of transactions by Bitcoin will likely shine the light on the means of expanding Bitcoin use to greater general e-commerce in the near future.

See also

Bitcoin Struggling with Value Drop

Switzerland Gears Up for Next Week's Blockchain & Bitcoin Conference

Blockchain and Bitcoin Conference Ushers in New Era of Cryptocurrency

A Stretch of Sun Forecast for Berlin at Blockchain & Bitcoin Conference Berlin

Summing up the 2015 Belarus Gaming Congress

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